Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The AT dismisses the appeals and upholds the provisional attachment. It holds that money-laundering is determined by when proceeds are projected to be untainted and not by the date of the predicate offence, therefore the PMLA applies to the impugned transactions. Property held by persons in possession of proceeds of crime may be attached notwithstanding that they are not accused of the scheduled offence. The appellants' repayment of a housing loan in a short period, subsequent transfers and a later gift to a family member are treated as sham transactions executed with mala fide intent to frustrate enforcement; hence the properties are proceeds of crime and remain subject to attachment under the PMLA.
The AT dismisses the appeals and upholds the provisional attachment. It holds that money-laundering is determined by when proceeds are projected to be untainted and not by the date of the predicate offence, therefore the PMLA applies to the impugned transactions. Property held by persons in possession of proceeds of crime may be attached notwithstanding that they are not accused of the scheduled offence. The appellants' repayment of a housing loan in a short period, subsequent transfers and a later gift to a family member are treated as sham transactions executed with mala fide intent to frustrate enforcement; hence the properties are proceeds of crime and remain subject to attachment under the PMLA.
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